Chile's Financial Market Commission (CMF) issued a final regulation updating minimum equity, collateral, indebtedness and liquidity requirements for securities intermediaries and commodity exchange brokers, introducing a methodology based on risk-weighted assets (RWA) to better align capital requirements with the risks each entity assumes. The package follows two public consultations and reflects legislative amendments introduced by Law No. 21,521. For entities that meet the regulation’s revenue threshold, minimum equity is set at the higher of UF 5,000 and 3% of RWA, alongside a statutory collateral requirement of UF 6,000. Compliance is assessed using an “adjusted equity” concept that deducts items with limited loss-absorbing capacity, including intangible assets and deferred taxes. The RWA framework covers market, credit, operational and crypto-asset risks; while overall liquidity and debt-to-equity ratios from former General Rule No. 18 remain, liquidity ratios based on intermediation and capital adequacy are removed and their components folded into the RWA approach. Prudential requirements may be increased following risk management quality assessments under General Rule No. 528, including raising minimum equity from 3% to 6% of RWA and increasing collateral, liquidity and leverage requirements. The regulation repeals General Rule No. 18 and Circular Letters Nos. 632 and 695 and takes effect on March 1, 2027. CMF will issue supplementary instructions covering information submissions on turnover blocks, adjusted equity, RWA for operational, market and credit risks, and liquidity and leverage ratios, and it also postponed the entry into force of amendments to enrollment rules for securities intermediaries (General Rule No. 549) and commodity brokers (General Rule No. 550) until March 1, 2027.
Chile Financial Market Commission 2026-04-20
Chile's Financial Market Commission introduces risk-weighted capital and prudential requirements for securities intermediaries and commodity exchange brokers
The Chile Financial Market Commission issued a final regulation overhauling prudential requirements for securities intermediaries and commodity exchange brokers, introducing a risk‑weighted assets framework covering market, credit, operational and crypto‑asset risks. For entities above the revenue threshold, minimum equity is set at the higher of UF 5,000 and 3% of risk‑weighted assets, with compliance measured using an adjusted equity concept that excludes items with limited loss‑absorbing capacity. The regulation repeals General Rule No. 18 and related circulars, allows prudential add‑ons based on risk management assessments, and will be supplemented by further CMF instructions ahead of its entry into force on 1 March 2027.